October 05, (THEWILL) — The Nigerian equities market recorded a notably stronger performance in September 2025 compared with the same period in 2024, driven by increased trading activity and sectoral leadership showing from the financial services group.
A study of the quarter-end performance revealed that Nigerian Exchange (NGX) market capitalisation rose by N33.32 trillion to hit ₦89.96 trillion on September 30, 2025, against ₦56.635 trillion in the prior period, constituting a 58.84 percent increase.
Similarly, the NGX All-Share Index (ASI) which measures the breadth of the market rose from 98,558.79 points in September 2024, to 142,133.03 points in the review period, showing an increase of 43,574.24 points or 44.2 percent rise.
A study of the quarter-end market activities for both periods showed that in September 2024, the NGX saw moderate trading volumes, with a total of 9.903 billion shares exchanged across the four weeks, valued at approximately ₦186.783 billion.
Weekly turnover ranged between 1.860 billion and 3.318 billion shares, with the financial services sector consistently leading market activity, closely followed by the oil and gas sector. The services, conglomerate, and healthcare sectors also featured among the top performers during the month.
By contrast, September 2025 exhibited a significant increase in market activity. Across the month, a total of 16.724 billion shares changed hands, worth ₦769.303 billion, nearly four times higher in value than September 2024.
Weekly turnover surged from 2.735 billion to 7.684 billion shares, with the financial services sector again dominating, while consumer goods, oil and gas, services, and ICT sectors also recorded strong activity. The week ending September 26, 2025, accounted for 7.684 billion shares valued at ₦494.126 billion, highlighting a peak in investor participation.
Driving Forces
The contrast in market performance between 2024 and 2025 can be attributed to the following key factors:
- Higher liquidity and turnover – The 2025 market saw substantially larger trading volumes and values, indicating increased participation from both institutional and retail investors.
- Sectoral performance – Strong performance in the financial services and consumer goods sectors in 2025 supported market gains, with oil and gas and ICT also contributing. In 2024, although financial services dominated, the overall value and breadth of sectoral activity were lower.
- Market confidence – The larger weekly turnovers and peak trading in late September 2025 suggest higher investor confidence, possibly reflecting favorable macroeconomic conditions, corporate earnings announcements, or market-driven opportunities.
Investor Gains and Market Trends
Data from the two periods indicates that investors in September 2025 generally experienced investment gains, as the surge in turnover and value points to increased market confidence and liquidity. In comparison, September 2024 presented a more moderate pattern, with trading values remaining largely flat week-on-week, reflecting relatively limited market appreciation for investors.
Sectoral Insights
Across both years, the financial services sector remained the backbone of market activity, demonstrating consistent investor interest. Other sectors such as oil and gas, services, consumer goods, and ICT alternated in dominance, reflecting a diversified market engagement. The significant increase in 2025 indicates broader market participation compared with the previous year.
The difference between September 2024 and September 2025 highlights a period of growth and increased market activity. Sectors such as financial services and consumer goods continued to attract the bulk of trading activity, while oil and gas maintained a strong presence, collectively supporting overall market performance.
Ogochukwu Onwaeze
